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costs and benifits of bitcoin


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I'm sure you all have heard of bitcoin by now, but just to review, bitcoin is a deflationary currency that uses mathematics and of course electricity to make it.

I'm posting here to go over the cost and benefits of a deflationary currency.

firstly, the hourly wage would have to decrease over time. this means loans would be more in demand.

it also means prices would go down as well.

loaning money is riskier, but also more lucrative.

when you get paid back, assuming you do, the amount your receive is more valuable. as such interst fees could be reduced.

saving money is much more valuable, especially  long term.

the government would probably raise taxes in order to pay for its functions.

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  • 1 month later...

To be honest, I am sure that after the current decline of bitcoin, it will go back up. That's why I continue to mine as before. It is true that I have less hardware, because the profit does not cover the costs. Have you heard about online mining services like https://www.moonbitcoins.com/? Should they be trusted or is it a scam? I want to find an alternative but I doubt it can be that easy...

Edited by palmariums
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